Gryphon Asset Management and its’ principals Richard and Melissa Kruse have been appointed as receiver and ordered to take control of two operating car wash operations in Columbus and London Ohio.

The Complaint in Foreclosure was filed on behalf of Fifth Third Bank and against owner Midwest Development on February 8, 2013 with a Motion for Appointment of Receiver filed on February 27, 2013.  On April 4, 2013 Judge Charles Schneider found that a receiver was warranted and appointed Gryphon to assume control of operations.

5560 W. Broad St., Columbus, Ohio is a 2 bay automatic car wash location in a high traffic location.  220 Lafayette Road, London Ohio us a 6 bay wash with 4 self service bays and 2 automatic bays located on an outparcel of a Kroger grocery and fuel center .  Gryphon has operated 11 other car wash operations in receivership scenarios since late 2010 and will manage these properties internally.  The properties will be brought to market after analysis of the operations and equipment is completed.

About Gryphon USA, Ltd.

Gryphon USA, Ltd. is a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies.  Gryphon maintains a receivership and asset management group commercial auction practice art, antique and pottery auction group and real property management group.  Real estate transactions are managed through Borror Properties Real Estate.

Melissa M. Kruse oversees the day to day operations of the parent company, Gryphon USA, Ltd. while Gryphon Asset Management operations are managed by Richard F. Kruse.  Auction operations are directed by Peter Gehres and Borror Properties is managed by Lori Steiner.